Peregrine Capital Management LLC boosted its holdings in shares of First Midwest Bancorp Inc (NASDAQ:FMBI) by 1.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 334,653 shares of the financial services provider’s stock after purchasing an additional 4,794 shares during the quarter. Peregrine Capital Management LLC owned approximately 0.29% of First Midwest Bancorp worth $4,468,000 at the end of the most recent reporting period.
A number of other hedge funds have also modified their holdings of the business. BlackRock Inc. boosted its position in First Midwest Bancorp by 5.3% during the first quarter. BlackRock Inc. now owns 16,048,813 shares of the financial services provider’s stock worth $212,407,000 after purchasing an additional 813,278 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in First Midwest Bancorp by 30.9% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 6,973,718 shares of the financial services provider’s stock worth $92,297,000 after purchasing an additional 1,645,554 shares in the last quarter. State Street Corp boosted its position in First Midwest Bancorp by 7.7% during the first quarter. State Street Corp now owns 4,348,608 shares of the financial services provider’s stock worth $58,155,000 after purchasing an additional 309,669 shares in the last quarter. Macquarie Group Ltd. boosted its position in First Midwest Bancorp by 18.2% during the fourth quarter. Macquarie Group Ltd. now owns 3,763,978 shares of the financial services provider’s stock worth $86,797,000 after purchasing an additional 579,403 shares in the last quarter. Finally, Pzena Investment Management LLC raised its holdings in shares of First Midwest Bancorp by 2.1% during the first quarter. Pzena Investment Management LLC now owns 1,885,910 shares of the financial services provider’s stock valued at $24,960,000 after acquiring an additional 38,691 shares during the last quarter. Institutional investors own 80.65% of the company’s stock.
FMBI has been the subject of a number of research analyst reports. Zacks Investment Research cut First Midwest Bancorp from a “hold” rating to a “sell” rating in a report on Wednesday. ValuEngine raised First Midwest Bancorp from a “sell” rating to a “hold” rating in a report on Wednesday. Janney Montgomery Scott reissued a “buy” rating and set a $13.50 target price on shares of First Midwest Bancorp in a report on Sunday, June 21st. Piper Sandler reduced their target price on First Midwest Bancorp from $17.00 to $16.00 and set an “overweight” rating for the company in a report on Monday, May 4th. Finally, SunTrust Banks reduced their target price on First Midwest Bancorp from $14.00 to $13.00 and set a “hold” rating for the company in a report on Tuesday, May 19th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $17.50.
In other First Midwest Bancorp news, Director Phupinder Gill acquired 4,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was bought at an average cost of $25.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director now owns 4,000 shares of the company’s stock, valued at approximately $100,000. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Mark G. Sander acquired 3,000 shares of the stock in a transaction that occurred on Wednesday, June 17th. The stock was acquired at an average price of $25.00 per share, with a total value of $75,000.00. Following the completion of the transaction, the chief operating officer now directly owns 3,000 shares of the company’s stock, valued at approximately $75,000. The disclosure for this purchase can be found here. Insiders purchased 12,400 shares of company stock valued at $268,560 over the last quarter. 1.10% of the stock is currently owned by company insiders.
NASDAQ:FMBI opened at $12.14 on Friday. First Midwest Bancorp Inc has a one year low of $10.31 and a one year high of $23.64. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.02 and a current ratio of 1.01. The stock has a market cap of $1.39 billion, a PE ratio of 9.33 and a beta of 1.30. The stock has a 50 day moving average price of $12.85 and a 200 day moving average price of $15.30.
First Midwest Bancorp (NASDAQ:FMBI) last posted its quarterly earnings results on Tuesday, July 21st. The financial services provider reported $0.19 EPS for the quarter, beating the consensus estimate of $0.15 by $0.04. First Midwest Bancorp had a return on equity of 6.54% and a net margin of 16.97%. The firm had revenue of $178.23 million during the quarter, compared to analysts’ expectations of $185.80 million. As a group, analysts predict that First Midwest Bancorp Inc will post 1.12 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 7th. Investors of record on Friday, June 26th were given a $0.14 dividend. The ex-dividend date of this dividend was Thursday, June 25th. This represents a $0.56 annualized dividend and a yield of 4.61%. First Midwest Bancorp’s payout ratio is 28.28%.
About First Midwest Bancorp
First Midwest Bancorp, Inc operates as the bank holding company for First Midwest Bank that provides various banking products and services. The company accepts checking, NOW, money market, and savings accounts, as well as various types of short-term and long-term certificates of deposit. Its loan products include working capital loans; accounts receivable financing; inventory and equipment financing; sector-based lending, including healthcare, asset-based lending, structured finance, and syndications; agricultural loans; and mortgages, home equity lines and loans, personal loans, specialty loans, and consumer secured loans, as well as funding for the construction, purchase, refinance, or improvement of commercial real estate properties.
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